The October transactions were as follows.Oct. 5 Received $1,510 in cash from customers for accounts receivable due.10 Billed customers for services performed $5,050.15 Paid employee salaries $1,110.17 Performed $570 of services in exchange for cash.20 Paid $1,980 to creditors for accounts payable due.29 Paid a $300 cash dividend.31 Paid utilities $320. This is the trial balance of Cullumber Company on September 30.CULLUMBER COMPANYTrial BalanceSeptember 30, 2022DebitCreditCash$ 23,880Accounts Receivable7,280Supplies4,620Equipment10,520Accounts Payable$9,480Unearned Service3,620RevenueCommon Stock19,680Retained Earnings13,520$46,300$46,300The October transactions were as follows. Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entriesin the order presented in the problem.)DateAccount Titles and ExplanationDebitCredit

Answered: The October transactions were as…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Concept explainers

Question

The October transactions were as follows.

Oct. 5		Received $1,510 in cash from customers for accounts receivable due.
10		Billed customers for services performed $5,050.
15		Paid employee salaries $1,110.
17		Performed $570 of services in exchange for cash.
20		Paid $1,980 to creditors for accounts payable due.
29		Paid a $300 cash dividend.
31		Paid utilities $320.

This is the trial balance of Cullumber Company on September 30.
CULLUMBER COMPANY
Trial Balance
September 30, 2022
Debit
Credit
Cash
$ 23,880
Accounts Receivable
7,280
Supplies
4,620
Equipment
10,520
Accounts Payable
$9,480
Unearned Service
3,620
Revenue
Common Stock
19,680
Retained Earnings
13,520
$46,300
$46,300
The October transactions were as follows.

Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.
Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries
in the order presented in the problem.)
Date
Account Titles and Explanation
Debit
Credit

Expert Solution

Step 1

Journal entries are used to record the financial transactions in the books of accounts. These are helpful for preparing further books of accounts of the company.

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions